The Delaware Department of Insurance (DOI) announced it recovered more than $2.1 million for policyholders in 2014.
The DOI said it also collected over $94.6 million dollars through fees, fines and insurance premium taxes during fiscal 2014, distributing most of those dollars to fire companies and ambulance services, the police pension fund, and the state’s general fund.
The DOI said these numbers were highlights of the presentation made to the Delaware General Assembly’s Joint Finance Committee in February by Insurance Commissioner Karen Weldin Stewart and her staff.
The DOI noted that instead of relying on the state legislature for financial support, the department covers its own operating costs with a portion of revenue obtained through insurance premium taxes and other fees and fines.
Pursuant to state law, DOI then makes contributions through the State Treasurer’s office to various state and local accounts.
During fiscal 2014, the DOI provided $35.1 million of the tax revenue to Delaware’s volunteer fire companies, the City of Wilmington fireman’s pension fund, ambulance service providers throughout the state, and the police pension fund. More than $3.6 million was transferred to the workers’ compensation assistance fund, and $1 million went to the reserve fund for victims of insurance fraud. The remaining $54.9 million was deposited into the general fund.
In addition to premium taxes, the DOI said it generates revenue by advocating for consumers during disputes with insurers.
The DOI’s Consumer Services Division recovered $1,259,634 for individual Delaware consumers last year while handling 5,610 formal complaints and inquiries.
Moreover, the department facilitated arbitration hearings requested by, or on behalf of, consumers which led to awards totaling $843,035.
The DOI also said its Workplace Safety Program allows employers to earn discounts of up to 19 percent on their workers’ comp premiums by meeting safety requirements and undergoing voluntary inspections. The 1,496 businesses enrolled in the program in 2014 saved $9,296,878, according to Delaware Compensation Ratings Bureau estimates.
Topics Delaware
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